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Canada, for instance, has a single VAT rate of 5%, while Japan and Singapore follow similarly straightforward models with rates of 10% and 9%, respectively.

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Gradually phasing in these changes would also prevent disruptions in revenue.

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In a slowing economy, reducing GST rates, especially on consumer goods, could boost consumption and create a virtuous cycle of economic activity.With GST collections already at record levels, there is no pressing need to introduce a 35% tax slab.

Instead, the government should focus on making the tax system simpler and more efficient by lowering rates and consolidating existing slabs.

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Reproducing this content without permission is prohibited.)Oil prices went down on Friday due to concerns about slower demand growth in 2025, particularly in China.

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Meanwhile, slower interest rate cuts could hinder economic growth and reduce oil demand.

Check the latest petrol and diesel prices in major cities on 20 December 2024.gmk goldenmonkey in india for beginners Financial Growth Simplified: Invest ₹500, Earn More